The Research On The Influence Of Investors On The Information Disclosure Of Listed Companies

In this rapid-development era,the capital market is gradually mature.As a result,the requirement for the information disclosure is becoming more and more important.The information disclosure means that the listed companies report the company's financial data and operation to the shareholders and investors through the public market.The investors need to make decisions based on both the external environment and company information.However,the information which investors have is disclosed by the management.Consequently,it will lead to the information asymmetry between investors and management,which easily weakens the reliability of the information.As the backbone of the capital market,the investors play an important role in both information disclosure and optimize the company management.Therefore,according to analyze the impact of investors on the quality of information disclosure,it will has a profound influence on maintain the capital market and protect the interests of investors.This essay will base on the principal-agent theory and the institutional shareholder activism,and analyze the investors that affect on the information disclosure.Beside,due to the investment characteristic and quality change,the essay will also report the relationship between Robam Appliances' investors and the quality of information disclosure.Then it will discuss the influence of investors on the information disclosure of listed companies.According to the case of Robam Appliances,this essay finds that the investors have a positive impact on the quality of information disclosure,which will result in the changes of information disclosure on corporations.At the same time,the unfair,untimely and unequal of information disclosure will still lead to insider trading and information leakage,which damage the interests of investors.Thus,this essay suggests that we should standardize the information disclosure of listed companies,and strengthen the supervision of investors and crackdown on the insider trading.Meanwhile,it is significant to establish incentive measures that can encourage listed companies to improve the quality of information disclosure voluntarily.